Author Topic: Bitcoins - about to hit $5,000 per coin today!  (Read 892387 times)

SOMEPARTS

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4200 on: January 11, 2021, 12:26:31 PM »

Mayday

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4201 on: January 12, 2021, 12:37:47 AM »
You bears are gunna get wrecked for the next few months if you think this is over.

*Edit - epic bull run approaching fast.

polychronopolous

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4202 on: January 12, 2021, 06:21:24 AM »
Kentucky Bill Seeks to Lure Crypto Miners With Tax Breaks


Two Kentucky lawmakers have called upon the commonwealth to offer tax breaks to cryptocurrency miners seeking to tap into the energy rich region.

 General Assembly Representatives Steven Rudy and Chris Freeland’s bill introduced last week would exempt “commercial cryptocurrency miners” from paying 6% sales taxes or 6% excise taxes on their rigs’ electric bills and mining equipment.

 Kentucky “has an opportunity to become a national leader” in crypto mining because of its low energy rates and abundant supply, said the bill. Tax breaks would help the Commonwealth further compete.

The Republican lawmakers submitted their 13-page bill to the General Assembly on Jan. 8, where it now sits in committee. Neither representative responded to a request for comment.


 https://finance.yahoo.com/news/kentucky-bill-seeks-lure-crypto-225429315.html

polychronopolous

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4203 on: January 12, 2021, 06:25:31 AM »
I'm in.

Flame away.

If you focus on the revolutionary fundamentals of Bitcoin and the increasing adoption that we are seeing weekly, then the people on the sidelines who point and sputter about price drops really become irrelevant.

Yes, it is still a fantastic time to buy.

DooM_

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4204 on: January 12, 2021, 06:29:34 AM »
Bitcoin is back above $36,000 but big investors are wary - Mark Cuban says crypto is 'exactly' like the dot-com bubble of the 1990s

The Bitcoin price recovered back to around $36,000 on Tuesday, as the cryptocurrency market recovered from Monday's plunge, but volatility remains high and superstar investor Mark Cuban warned the recent rise is a "bubble" that could be ruinous.

Bitcoin fell as much as 20% on Sunday and Monday to just above $30,000 in a wave of profit-taking after the currency's spectacular rally. Investor nerves and a higher dollar also hit crypto-confidence.

The remarkable rise in cryptocurrencies has attracted attention from all corners of the markets. Yesterday, Cuban warned on Twitter that the "cryptos trade" is "EXACTLY like the internet stock bubble" seen in the late 1990s, which burst with disastrous consequences for many companies and investors.

Cuban warned against trusting crypto evangelists who "try to justify whatever the pricing of the day is".

"All the narratives about debasement, fiat, etc are just sales pitches. The biggest sales pitch is scarcity vs demand. That's it," he said in a tweet.

UBS analysts said in a note: "Given their high volatility and the size of their past drawdowns, cryptocurrencies might be attractive to speculative investors, but they are neither a suitable alternative to safe-haven assets, nor do they necessarily contribute to portfolio diversification."

The UK's Financial Conduct Authority yesterday said: "If consumers invest in these types of product, they should be prepared to lose all their money."
"Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses," it added.


https://markets.businessinsider.com/currencies/news/bitcoin-price-crash-bubble-warning-dotcom-trade-crypto-mark-cuban-2021-1-1029958552

Bindare_Dundat

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4205 on: January 12, 2021, 08:30:38 AM »
Bitcoin is back above $36,000 but big investors are wary - Mark Cuban says crypto is 'exactly' like the dot-com bubble of the 1990s

The Bitcoin price recovered back to around $36,000 on Tuesday, as the cryptocurrency market recovered from Monday's plunge, but volatility remains high and superstar investor Mark Cuban warned the recent rise is a "bubble" that could be ruinous.

Bitcoin fell as much as 20% on Sunday and Monday to just above $30,000 in a wave of profit-taking after the currency's spectacular rally. Investor nerves and a higher dollar also hit crypto-confidence.

The remarkable rise in cryptocurrencies has attracted attention from all corners of the markets. Yesterday, Cuban warned on Twitter that the "cryptos trade" is "EXACTLY like the internet stock bubble" seen in the late 1990s, which burst with disastrous consequences for many companies and investors.

Cuban warned against trusting crypto evangelists who "try to justify whatever the pricing of the day is".

"All the narratives about debasement, fiat, etc are just sales pitches. The biggest sales pitch is scarcity vs demand. That's it," he said in a tweet.

UBS analysts said in a note: "Given their high volatility and the size of their past drawdowns, cryptocurrencies might be attractive to speculative investors, but they are neither a suitable alternative to safe-haven assets, nor do they necessarily contribute to portfolio diversification."

The UK's Financial Conduct Authority yesterday said: "If consumers invest in these types of product, they should be prepared to lose all their money."
"Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses," it added.


https://markets.businessinsider.com/currencies/news/bitcoin-price-crash-bubble-warning-dotcom-trade-crypto-mark-cuban-2021-1-1029958552

Fuck him

SOMEPARTS

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4206 on: January 12, 2021, 08:45:45 AM »

El Diablo Blanco

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4207 on: January 12, 2021, 09:36:24 AM »
Fuck him

Cuban took full advantage of the .com bubble.  Sold his dumb streaming radio station for billions then a few months later it was gone.  I think Real Media bought it then realized they had shit and their bubble popped.  Cuban walked away with $4billion?  Fuck him indeed.

Humble Narcissist

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4208 on: January 12, 2021, 10:25:06 AM »
Why would anyone use Bitcoin as currency when it is always fluctuating so wildly anyway?  If you buy some shoes online for $100 worth of Bitcoin those shoes may end up costing you thousands or even millions. ;D

If people are just buying Bitcoin for the investment, what are they investing in?  Currency that no smart person would ever use and no government backs or protects?

SOMEPARTS

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4209 on: January 12, 2021, 10:33:12 AM »
Why would anyone use Bitcoin as currency when it is always fluctuating so wildly anyway?  If you buy some shoes online for $100 worth of Bitcoin those shoes may end up costing you thousands or even millions. ;D

If people are just buying Bitcoin for the investment, what are they investing in?  Currency that no smart person would ever use and no government backs or protects?


Haha, 169 pages yet THIS.

If it was superior transactionally it would be far cheaper, safer and faster than VISA, etc. It's not.

If it was a store of value it would have a floor in price based on something or a bank would loan against it. It doesn't/they don't.


Mayday

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4210 on: January 12, 2021, 11:52:12 AM »
Why would anyone use Bitcoin as currency when it is always fluctuating so wildly anyway?  If you buy some shoes online for $100 worth of Bitcoin those shoes may end up costing you thousands or even millions. ;D

If people are just buying Bitcoin for the investment, what are they investing in?  Currency that no smart person would ever use and no government backs or protects?

A good point.

Was it you that raised the energy one as well or someone else? That’s another good one because if this is supposed to get as big as they say, BTC has to figure out a way to become more efficient otherwise energy regulation will kill it.

The other thing that turns me off BTC is that a Chamath guy. I liked some of his stuff a while back but recently he sounds like a cultist. In a recent interview he was asked if there was any other coins that might perform well in the future and rival BTC. He replied with a blank ‘no, it’s only BTC’.  Then when asked about ethereum and the DeFi project he acts a smart ass and says never heard of DeFi, don’t know what it is. Don’t care.  Cheeky fucker.

This guy owns 5% of all BTC..... says he will buy the Hamptons when it hits 1M..... he will be the new world overlord lol.


This is generation 1 of crypto. New coins and partnerships are constantly getting done. Just like consumer products it will evolve so I’d expect the coins to shuffle places.

El Diablo Blanco

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4211 on: January 12, 2021, 12:52:08 PM »
Why would anyone use Bitcoin as currency when it is always fluctuating so wildly anyway?  If you buy some shoes online for $100 worth of Bitcoin those shoes may end up costing you thousands or even millions. ;D

If people are just buying Bitcoin for the investment, what are they investing in?  Currency that no smart person would ever use and no government backs or protects?

There were some sites selling steroid years ago accepting bitcoin.  Imagine how some idiot feels who bought a cycle for 3 bitcoin valued at $500 each which now are worth $120K.  That was some expensive cycle.  haha

Soul Crusher

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Bindare_Dundat

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4213 on: January 12, 2021, 01:29:15 PM »
Cuban took full advantage of the .com bubble.  Sold his dumb streaming radio station for billions then a few months later it was gone.  I think Real Media bought it then realized they had shit and their bubble popped.  Cuban walked away with $4billion?  Fuck him indeed.

He definitely knew how to make money,  I wasn't suggesting he was stupid. I just don't like the guy. Always came off as an arrogant dick, at least the things I heard from him.

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gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4216 on: January 12, 2021, 06:39:15 PM »


If it was superior transactionally it would be far cheaper, safer and faster than VISA, etc. It's not.

If it was a store of value it would have a floor in price based on something or a bank would loan against it. It doesn't/they don't.

Allow me to clarify. Visa is actually well on the way to adopting BTC as an option for users to have as a base store of value. As is PayPal. As is Square. And as are many others. How it works is that BTC is underlying store of value with the payment service providers then making the conversion into fiat currency as needed/desired/required on a payment transaction.

So, for example, you have your 1 BTC with them (your global and immutable perfectly scarce store of value). Wherever you go in the world, that is your base value (just like USD was to gold, e back in the day, before it was de-pegged). Then all payments are done in fiat and reconciled against the base value. Or, it will be done via the Lightening Network, which is a layer built over BTC. Over time your BTC should hopefully go up, faster than the rate of fiat currency depreciation. Potentially, the BTC in your account could fund your spending for life, depending on if certain global macroeconomic factors play out.

As for BTC being a store of value, in the short term it obviously is. In the longer term it has been constantly appreciating over time, beyond the pace of inflation. This will keep happening for many years to come, albeit with ups and downs along the way, But the rate of growth over and above the rate of inflation will moderate in the years and decades to come as BTC's market cap grows.

Banks do loan against BTC, as do exchanges, as do individuals, and as happens with decentralized finance. Some funds have also raised money to buy BTC based entirely on debt (via issuing bonds). Any asset can form security to borrow against, and that includes Bitcoin (obviously).

As for having a "floor in price", no asset has this. Not Gold, not art, not stocks, not housing, not even the USD. All are worth what only what others are prepared to pay for them. And on this basis, it of course follows that all have a theoretical potential value of zero. 

One last comment. Every single time BTC hit a new high, some people claim its "too high". Yet on every single occasion in BTC's history, people have made money either simply by HODLing, and/or buying on the dip. Every single time.

 Will this pattern keep repeating? Time will tell...

Humble Narcissist

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4217 on: January 13, 2021, 02:39:17 AM »
There were some sites selling steroid years ago accepting bitcoin.  Imagine how some idiot feels who bought a cycle for 3 bitcoin valued at $500 each which now are worth $120K.  That was some expensive cycle.  haha
I am kind of embarrassed to admit I came across this the hard way.  I bought a small amount of Bitcoin last year just because the online casinos were really pushing it.  It was easy to put in the account and much easier to withdraw than any other method.  It was just a week ago another gambler pointed out that we would have made more money just leaving it alone as opposed to wagering on games. :-[

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4218 on: January 13, 2021, 03:53:52 AM »
Damn! Yes, that's the right idea though. Get fiat into BTC. But don't spend the BTC. Rather HODL and let the power of mathematics work in your favor!

obsidian

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4219 on: January 13, 2021, 04:05:52 AM »
Gib,

Do you think a Biden admin is good or bad for Bitcoin?

Also where do you see the bottom in the current pullback? I want to get some BTC. I am going to guess it will be volatile for a while with what's going on in DC. What's your take?

obsidian

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4220 on: January 13, 2021, 04:08:23 AM »

That's interesting thanks for posting! Yeah those guys that lost their keys are SOL!

https://www.msn.com/en-gb/money/technology/in-bits-the-programmer-locked-out-of-his-130m-bitcoin-account/ar-BB1cH4p6

Stefan Thomas has just two chances left to get his hands on his $240m (£175m) fortune.

Thomas is a San Francisco-based computer programmer, and a decade ago he was given 7,002 bitcoins as a reward for making a video explaining how the cryptocurrency works.

At the time he was paid, they were worth $2-$6 each. He stashed them away in his “digital wallet” and forgot about them.

Now each bitcoin is worth $34,000, and the contents of his wallet are valued at $240m. But Thomas has forgotten the password that will unlock his fortune.

German-born Thomas has already entered the wrong password eight times, and if he guesses wrong two more times his hard drive, which contains his private keys to the bitcoin, will be encrypted – and he’ll never see the money.

The price of bitcoin hit more than $40,000 last week, having doubled in less than a month. It has since fallen back but it is still up by more than 700% since the pandemic was first declared in March last year, rising from about $5,000.

Thomas said he has tried his eight most frequently used passwords to access his IronKey hard drive, but all turned out to be wrong. The device auto-encrypts all contents after the 10th inaccurate guess.

“I would just lay in bed and think about it,” Thomas told the New York Times. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

Thomas said the experience has understandably put him off cryptocurrencies. “This whole idea of being your own bank – let me put it this way, do you make your own shoes?” he said. “The reason we have banks is that we don’t want to deal with all those things that banks do.”

Following the publicity of Thomas’s plight, Alex Stamos, an internet security expert at Stanford Internet Observatory, said he could crack the password within six months if Thomas gave him a 10% cut of the digital fortune.

“Um, for $220m in locked-up bitcoin, you don’t make 10 password guesses but take it to professionals to buy 20 IronKeys and spend six months finding a side-channel or uncapping,” he said on Twitter. “I’ll make it happen for 10%. Call me.”

Cryptocurrency data firm Chainalysis said it estimated that about 20% of the existing 18.5 million bitcoins appears to be lost or stranded in inaccessible wallets.

In 2013, Welsh IT worker James Howells accidentally threw out a hard drive containing the keys to 7,500 bitcoins. At the time, the lost bitcoins were worth about £4m. Now, they would be worth more than $250m.

obsidian

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4221 on: January 13, 2021, 04:13:20 AM »
I bought a Ledger Nano S a few years ago. Never opened it. Started messing around with it yesterday. Pretty cool little device. Only problem is it has limited storage capacity so you can only install apps for about 4-5 cryptos. Then you have to shuffle them around if you want more by uninstalling the ones you don't need to access right away.

The newer Ledger Nano X has a lot more storage capacity. So I will probably get one of those also. I am moving some of my alts to the Ledger because Binance is forcing me to move to Binance.us and the US site does not have all the cryptos that the main Binance site has. But I can store some of them on a Ledger.

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4222 on: January 13, 2021, 04:23:55 AM »
I bought a Ledger Nano S a few years ago. Never opened it. Started messing around with it yesterday. Pretty cool little device. Only problem is it has limited storage capacity so you can only install apps for about 4-5 cryptos. Then you have to shuffle them around if you want more by uninstalling the ones you don't need to access right away.

The newer Ledger Nano X has a lot more storage capacity. So I will probably get one of those also. I am moving some of my alts to the Ledger because Binance is forcing me to move to Binance.us and the US site does not have all the cryptos that the main Binance site has. But I can store some of them on a Ledger.

In some ways its good you are limited to number of cryptos. I would suggest keeping it real simple. BTC (and maybe ETH) in cold storage (and don't lose your password or seed words). Trading alts for fun on the exchange.

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4223 on: January 13, 2021, 05:06:56 AM »
In some ways its good you are limited to number of cryptos. I would suggest keeping it real simple. BTC (and maybe ETH) in cold storage (and don't lose your password or seed words). Trading alts for fun on the exchange.

Yeah, I just use a nano s. Leave some out of it for trading if you're not just holding. .

El Diablo Blanco

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4224 on: January 13, 2021, 06:39:29 AM »
The USMS is recognized as the U.S. government’s leader in the sale of cryptocurrency. It has conducted a number of digital asset auctions over the years, including one that disposed of the 144,000 bitcoins seized from the Silk Road darknet marketplace.

The first online government auction of seized bitcoins was held in 2014; the USMS sold 130,000 bitcoins valued at approximately $50 million at the time of the sales. In 2015, the agency conducted multiple online bitcoin auctions, selling nearly 174,000 BTC valued at approximately $67 million at the time.

The agency established a memorandum of understanding in 2016 with the Treasury Executive Office for Asset Forfeiture for it to handle the disposition of forfeited bitcoins emanating from the Treasury Forfeiture Fund. In its annual report for the financial year 2018, the agency declared that it sold a total of 5,883 bitcoins in two auctions for a total of $55.8 million, adding that it continued to be the lead custodian for the 22 different types of cryptocurrencies seized by the DOJ and the Department of Treasury.